Nvidia to Buy Back $750M Shares

by Christopher Freeburn | May 14, 2013 11:19 am

Nvidia to Buy Back $750M Shares

nvidialogo 300x221 Nvidia to Buy Back $750M Shares[1]Graphics cards maker Nvidia (NASDAQ:NVDA[2]) is speeding up its previously announced share buyback program[3].

The company will repurchase $750 million in shares under a new agreement with Goldman Sachs (NYSE:GS[4]). Nvidia had said it was looking for ways to give $1 billion to investors during this fiscal year, Dow Jones notes.

Nvidia’s first-quarter earnings jumped 29% compared to last year. Its shares have climbed 16% so far this year.

In January, Nvidia said it planned to launch a new handheld gaming console featuring a 5-inch screen[5]. The company said it hoped to have the new console in stores during the second quarter.

Shares of Nvidia rose more than 1% on news of the accelerated share buyback, while Goldman Sachs climbed almost 3%.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/05/nvidialogo.png
  2. NVDA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NVDA
  3. speeding up its previously announced share buyback program: http://www.foxbusiness.com/technology/2013/05/14/nvidia-strikes-deal-with-goldman-to-buy-back-750-million-its-shares/
  4. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  5. launch a new handheld gaming console featuring a 5-inch screen: http://investorplace.com/2013/01/surprise-nvidia-to-launch-gaming-console/

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